Engine No. 1 Activist Presentation Deck
ExxonMobil has pursued the most aggressive spending
plans in the industry to chase production growth
Despite investor demand for
spending discipline, for years
ExxonMobil has pursued
aggressive capital expenditure
plans to chase production growth
• This strategy has contributed to
significant share price
underperformance in recent years
and left ExxonMobil far more
exposed than peers to demand
declines
●
While in the face of a deteriorating
balance sheet and investor
pressure ExxonMobil reduced its
near-term spending plans, its
long-term model remains
unchanged
"Analysts say a quest for fast oil-production growth and
an addiction to risky, high-cost projects have hobbled
the company in recent years. Yet Exxon's response has
been to double down on oil and gas, plotting another
huge surge in output. As rivals fret about peaking oil
demand and start trying to navigate a global energy
transition away from fossil fuels to cleaner energy,
Exxon is making a huge bet on oil's future."
Financial Times, October 28, 2020
4
"[ExxonMobil] is sticking with plans to increase crude
production in the coming years ..."
Financial Times, March 1, 2021
"Chevron now targets free cash flow, returns and
constrained emissions, while Exxon is sticking to the
traditional oil major mega-projects tactic."
Bloomberg, March 23, 2021
Quote Source: Derek Brower (Oct. 28, 2020). Why ExxonMobil is sticking with oil as rivals look to a greener future. Financial Times. Derek Brower (Mar. 1,
2021). Exxon adds two board directors in wake of activist pressure. Financial Times. Bloomberg Intelligence (Mar. 23, 2021). Big oil brethren Chevron, Exxon
Mobil charting opposite paths. Bloomberg.
کیا کر
REENERGIZE
EXXON//
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